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Legal fees. You can claim the following expenses: fees including any related accounting fees you paid: for advice or assistance to respond to the CRA when the CRA reviewed your income, deductions or credits for a year; to object to or appeal an assessment or decision under the Income Tax Act, the Employment Insurance Act,
You can also deduct amounts paid or payable to agents for collecting rents or finding new tenants. If you paid commissions to a real estate agent when selling your rental property, include them as outlays and expenses on Schedule 3, Capital Gains (or Losses), when you report the disposition of your property.
The legal fees you paid when selling your rental property are deducted from your proceeds of disposition when calculating your capital gain or capital loss. The deduction for legal fees also applies when calculating a recaptured capital cost allowance (line 9947) or a terminal loss (line 9948).
Mar 22, 2022 · The cost of buying your new home can also be tax deductible. This includes legal or notary fees you paid to buy your new home, as well as any taxes paid (other than GST/HST) for the transfer or registration of title to the new home. As always, in Canadian taxpayers, we all need to earn our deduction. This means that you would be required to ...
Nov 12, 2010 · The legal fees associated with the legal action may be deductible for tax purposes. Assume for instance a scenario where the estate you are managing is a shareholder of a corporation, say ABX Inc. and it is managed by 3rd party trustees. These trustees are refusing to pay dividends to which the estate would normally be entitled.
Mar 9, 2022 · Tax Deductions for Rental Properties. Real estate investors cannot shelter their investment property from capital gains taxes. That said, landlords and property investors can still claim several rental property tax deductions in Canada. Operating Costs. What: Claim expenses associated with maintaining a rental property
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Aug 25, 2023 · Professional fees. If you hire an accountant or other tax expert to help you prepare your return, the fees you pay are a deductible expense. This includes the TurboTax Live service, which offers packages with support from experts on rental property taxes. Property taxes. Deduct property taxes paid to your municipality in the current year.
